On August 25, 2011, Ocean Century Investments (Cheung Kong Group) has won the tender for a site at Oil Street in North Point on a 50-year land grant at a premium of $6.2672 billion, the Lands Department announced. The lot has a site area of about 7,887 sq m and is designated for hotel or non-industrial purposes. It has a minimum gross floor area of 42,200 sq m, and a maximum of 70,200 sq m. At least 30,000 sq m of the total gross floor area must be used for hotel purposes together with any other accommodation.